Tech Brew Ride Home Tue. 07/05 – What Did I Miss?
Jul 5, 2022
The cryptocurrency market is facing dramatic shifts, with major platforms suspending operations. Klarna's valuation takes a nosedive as it aims to raise funds amid fierce competition in fintech. Meanwhile, hackers expose a massive data breach in China's surveillance system, affecting millions. In sports tech, AI will now assist in making offside calls at the World Cup. Lastly, President Biden honors Steve Jobs with a posthumous Medal of Freedom, celebrating his lasting impact on technology.
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Crypto Crash Fallout
- Three Arrows Capital filed for bankruptcy, Voyager Digital suspended trading, and BlockFi agreed to be acquired by FTX.
- Sam Bankman-Fried's FTX is acting like JP Morgan by acquiring struggling crypto companies.
Vauld's Trouble
- Crypto lender Vauld paused withdrawals and is exploring restructuring after users withdrew $198 million since June 12th.
- Vauld offered high interest rates on cryptocurrencies and allowed customers to borrow against their tokens.
Decentralized vs. Centralized Exchanges
- Centralized crypto lenders are failing after the collapse of 3AC, while decentralized counterparts continue operating.
- This suggests that decentralized exchanges might be more robust than initially thought.